It’s a real Cinderella story: A plain credit card with an unremarkable 1% rewards rate transforms into a beautiful 2% card and turns heads.
Alliant Credit Union has announced that the Alliant Visa Platinum Rewards Card now earns an unlimited 2 points per dollar spent, up from 1 point per dollar spent. Points are worth 1 cent each when redeemed for cash back, giving the card an effective 2% rewards rate. Points can also be redeemed for merchandise, gift cards, charity and travel. The annual fee remains $0.
The card also offers other perks:
- As low as 0% introductory annual percentage rate for 12 billing cycles on purchases and balance transfers, depending in part on your creditworthiness
- 5,000-point bonus after spending $500 in the first three billing cycles, making it worth $50 at a penny a point.
If you can qualify for the 0% APR offer, the improved Alliant card is an especially good deal. It’s uncommon to see both a 0% purchase APR offer and a sign-up bonus — even a small one — on 2% no-fee cards from major issuers. The Citi® Double Cash Card – 18 month BT offer, for example, lacks both.
The improvements on the Alliant Visa Platinum Rewards Card come soon after the credit union debuted a 2.5% cash-back card with an annual fee of $59, another deal that outshines the competition. Between the two cards, the 2.5% card would be a better match if you charged more than $11,800 a year.
As is the case with most credit unions, you need to be a member of Alliant to qualify for its credit cards. If don’t meet the eligibility guidelines, you can become a member by contributing to Foster Care to Success.
A previous version of this story misstated the terms for the 0% offer. It has been corrected.